The economic operation has reached the midpoint of the year, and the policy boost window has opened
2023-07-10
The recently held executive meeting of the State Council pointed out that in response to changes in the economic situation, more powerful measures must be taken to enhance development momentum, optimize economic structure, and promote sustained economic recovery and improvement. Recently, multiple departments have taken intensive action, and a new round of stable growth policies have been introduced one after another, conveying a clear signal of increased macro policy efforts. In the field of consumption, it was announced at the regular press conference of the Ministry of Commerce held on July 6th that the Ministry, together with relevant departments, has drafted a policy document to promote home consumption, proposing specific measures to improve supply quality, innovate consumption scenarios, improve consumption conditions, and optimize the consumption environment. The document will be issued soon. Household consumption involves multiple fields, with a long upstream and downstream chain and a large scale. Market analysis suggests that taking targeted measures to boost it will be beneficial for driving residents' consumption growth and economic recovery. In the field of investment, on July 7, the National Development and Reform Commission organized the launch meeting of the pilot cooperation mechanism for investment and loan linkage. The fixed assets investment Department of the National Development and Reform Commission, the State Information Center of China and the relevant business departments of seven banks jointly signed the framework agreement on the pilot cooperation mechanism for investment and loan linkage. It is reported that this pilot cooperation mechanism will promote the joint efforts of government policy support and bank financing services through the interconnection and sharing of investment online platforms and bank credit systems, and help promote private investment and expand effective investment. Previously, the Ministry of Finance and the People's Bank of China have also made statements. At the third meeting of the Standing Committee of the 14th National People's Congress on June 26, Liu Kun, Minister of Finance, said that the next step would be to strengthen the implementation of positive fiscal policies. On June 30, the second quarter regular meeting of the Monetary Policy Committee of the People's Bank of China proposed that we should strengthen macro policy regulation, implement sound monetary policy accurately and forcefully, do a good job in cross cycle regulation, and better give play to the Dwifungsi of the aggregate and structure of monetary policy tools. At a critical point in the economic operation of the year, the coordinated efforts of fiscal policy, monetary policy, industrial policy, etc. show that the window of policy empowerment is opening. In the first half of this year, macro policies worked together in the front, China's economic development showed a trend of recovery and improvement, and the triple pressures of demand contraction, Supply shock and expected weakening were alleviated. However, it should also be noted that the current economic recovery foundation is not yet stable, and the sustained recovery of demand is still constrained. Structural differentiation in different industries and fields is still ongoing. In this context, expectations for policies from all walks of life are increasing, and the necessity and urgency of policy escalation are further highlighted. From the recent policies introduced, expanding demand remains the focus of policy efforts. Restoring and expanding demand is the key to the sustained recovery and improvement of the current economy, and this policy has long been clear. However, looking back at the demand side in the first half of the year, the recovery and development showed differentiation and imbalance: service consumption rebounded rapidly, but the potential for commodity consumption, especially bulk consumption, still needs to be unleashed; Key projects are rapidly advancing, but private investment needs to be further boosted. From this, we can see that recent measures have focused on promoting key consumption areas such as automobiles, home appliances, and housing, aiming to drive and expand private investment, and have proposed a series of new measures. As some comments have pointed out, the effectiveness of macro policies ultimately depends on the perception of micro entities
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Worker Daily
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